CFO, Hospital - Wadley Regional Medical Center
Ensures the financial viability of the hospital by establishing and monitoring financial plans and budgets. Manages the financial affairs of the hospital in accordance with business unit goals, sound business practice, corporate and hospital policies and in compliance with various government regulatory requirements. Plan organize, and direct the fiscal services department including the development, interpretation, coordination, and administration of the hospital’s policies on finance, accounting, insurance, financial/accounting systems, internal controls, and auditing.
- Establishes and monitors the annual operating budget in accordance with sound budgeting principles and corporate guidelines. Interfaces with Human Resources and other departments in preparation of manpower plans, salary and benefit proposals.
- Supervises and develops managers in areas such as patient accounting, data processing, credit/collection, general accounting, purchasing, PBX and admitting. Establishes performance plans and objectives and evaluates results with subordinates at the end of the performance period. Provides positive direction and open lines of communication with and between subordinates.
- Directs subordinates in developing and implementing systems and procedures for effective and accurate record keeping.
- Evaluates the hospital’s overall financial position and prepares periodic financial and operating reports.
- Coordinates with other senior members of management in developing major financial plans including capital expenditure programs.
- Reviews and evaluates the effectiveness of all financial and accounting systems in the Hospital. Directs the development and implementation of new systems, policies and procedures as required.
- Assists in the developing of new business by analyzing the feasibility of new ventures including managed care contracts and advises management of the financial prospects.
- Attends promptly to the administrative details of the position including the signing of documents, preparation of reports, completion of performance appraisals and other employee-related actions.
- Ensures that the financial operation of the Hospital is carried out in an ethical, responsible manner.
- Analyzes daily operating results to ensure that revenues, expenses and labor are within budgeted objectives, advises department heads and administration of needed changes, improvements, etc.
- Establishes and maintains sound financial controls and record keeping with as few employees as possible. Approves financial expenditures up to the level as established by the Hospital President.
- Keeps current of government regulatory requirements and rapidly changing reimbursement environment in order to develop and implement changes to policies and procedures as needed.
- Manage hospital’s financial resources. Through subordinates, supervise and coordinate the functions of reimbursement, budget, patient accounting, and general accounting, which include general ledger accounting, accounts payable and cashiering.
- Participate in development of department objectives and organization structure. Organize work of department, allocate and schedule work to be performed, and recommend positions and staffing required. Participate in development of department operating budget and ensure that operations are maintained within allocated funds. Establish and maintain appropriate records and reports.
- Develop and implement policies and procedures for department and insure compliance within. Provide for organization and maintenance of an effective system of accounting and cost determination. Continually review and modify costs systems and data collection to assure maximum cost reimbursement for patient services. Prepare periodic reports outlining hospitals financial position in all areas of assets, liabilities, income, and expense based on past, present and planned future operations. Prepare and effect timely filing of federal, state, hospital association, third party, and other financial reports as required. Stay current with national and local economic conditions and serve as advisor to board director on their impact. Recommend budget-planning guidelines to board director, coordinate preparation of current operating and capital budgets with Administrator for hospital and clinics. In conjunction with Administrator of hospital and clinics, present hospital-wide budgets to director for review and board approval. Provide for Current and adequate insurance protection to protect hospital from liability and other losses.
- Supervise investigation, analysis, and present recommendations with respect to costs, charges, rates, etc. to permit income to support hospital activities. Prepare revisions to rate structure. Participate in cost impact of personnel policies and programs such as employee benefit additions or changes, general salary increase, etc. Perform costs studies involving third parties such as Blue Cross, and local, state, and federal agencies. Participate in costs studies with hospital auditing firm representatives. Audit financial basis for any hospital activity. Participate in activities with third parties to expedite payment of long overdue accounts.
- Direct and supervise department staff through subordinate managers, including review/approval of recommended personnel actions.
- Implement and maintain established hospital policies and procedures, objectives, quality assurance, safety, environmental and infection control.
- Direct (through subordinate supervisors) care and maintenance of department facilities, equipment and supplies.
- Attend required meetings and participate on committees as required/requested.
- Participate in professional activities; maintain professional affiliations to keep abreast of current trends/changes and legislation in the field.
- Perform other duties as required/directed
- Education: BS Degree in finance, accounting or equivalent. CPA and/or MBA is preferred.
- Experience (Type & Length): Five or more years of progressively responsible hospital finance experience. Excellent management and communication skills.